E-commerce Payments: Creating a People-Focused Checkout for Higher Sales

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Presented at MagentoLive Germany event, this session illustrates how understanding basic aspects of consumer behavior and human psychology can influence the bottom line.
The presentation zooms in on five different themes based on Maslow's Hierarchy of Needs, demonstrating practical steps that can be implemented within the checkout process.

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E-commerce Payments: Creating a People-Focused Checkout for Higher Sales

  1. 1. People-Focused Checkout for Higher Sales Noam Inbar, VP Business Development
  2. 2. Your Users are more than numbers on your Excel chart… Source: Getty images
  3. 3. Why Do PEOPLE Shop Online?
  4. 4. Some things are getting between your user and your product Time Pre- Buyer’s Remorse Trust issues
  5. 5. Abraham Maslow (1908-1970) Created Maslow's Hierarchy of Needs, a psychological theory based on fulfilling innate human needs in priority, culminating in self-actualization. SelfActualization Esteem Belonging Safety Basic needs
  6. 6. Basic needs: keep it Simple 24% of the top 100 grossing websites don’t offer their customers a Guest Checkout option, but force them to create accounts Source: Smashingmagazine 2012
  7. 7. Basic needs: keep it Simple “creating an account” turns a fun shopping experience to something complicated… **** Takes longer Consumers hate passwords! Perception of privacy Offline stores don’t request registration
  8. 8. Safety: Give Your Users Peace of Mind 42% of consumers have stopped or abandoned a purchase on a website because of a safety or security concern. Source: Marketing Charts
  9. 9. Safety: Give Your Users Peace of Mind Its all about Perception Blue creates a sense of trust and safety, and is often used for branding banks and businesses. Source: Kissmetrics Source: Marketing Charts
  10. 10. Belonging: Create a Familiar Environment Repeat online purchasers spend 23% more money over time!  iTunes purchase creates an experience similar to the one returning customers get, even when its their first time purchasing from a specific app  Creating a standard experience without getting creative will give the user a sense of familiarity almost like he’s a returning user Source: Clickz
  11. 11. Belonging: Create a Familiar Environment 40% of consumers would shop with a retailer which enables The option to conduct one-click checkout online  Leverage the advantages of being a returning customer If your users took the time to create an account, reward them with a better experience Source: Comscore – the multi screen path to purchasing October 2013
  12. 12. Esteem: Let them run the show 49% of consumers consider having a variety of payment options important.  Shift control to the user – letting the consumer choose between options turns him from PASSIVE to ACTIVE  Reach global users – different forms of payment enable commerce in different geographies Source: Comscore: Choices, Channels and Convenience, Sep 2013
  13. 13. Esteem: Let them run the show 30% purchased 30% purchased 3% purchased 3% purchased A Columbia study showed that giving consumers too many options can be confusing and lead to less purchases Offer only those methods that your users would look for a and would perceive as valuable Source: Columbia study
  14. 14. Self-Actualization: Respect Your Users 32% of websites automatically sign up their users for their newsletter during the checkout process with no way of opting out Your users are shopping online for a reason, make a minimal effort to give them what they came for…. Source: Smashingmagazine 2012 “ It’s less stressful (no sales people hunting you down) ”
  15. 15. Self-Actualization: Respect Your Users 50% of websites ask for the same information twice instead of pre-filling it from previous steps Source: Smashingmagazine 2012 “To save time”
  16. 16. Our Interpretation of a People-Focused Checkout One Click Guest Checkout across two different Magento websites 1st time payment 2nd time payment
  17. 17. Some Takeaways: Give your users credit and treat them with respect Offer multiple payment methods according to your region Create a familiar environment, don’t get too creative Create a secure look and feel to provide a sense of trust Facilitate a simple checkout, avoid forcing the user to create an account
  18. 18. Thank You noam@zooz.com www.zooz.com @InbarNoam linkedin.com/in/noaminbar

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